Choose Coverage YOU Need For Medicare Supplemental: Don’t Pay Too Much
By Audrey Howard on December 15, 2010, 10:38 am
To stay with an insurer with premiums that are too high to accept a subsidized Medicare beneficiary, low-income seniors are required to come out of pocket or to switch plans. The least expensive response is to switch plans, and according to the report that is what most low-income Medicare beneficiaries do. These new plans could ultimately have different drug formularies which then might require seniors to switch their medications.
Open Enrollment Ends December 31st
The open enrollment period for the Medicare Part D prescription drug program ends on Dec. 31. We’re in the final weeks of the period in which Medicare beneficiaries can change their current drug plans or sign up for the program. This is also a time in which individuals and organizations should be reaching out to those who can benefit from prescription drug coverage and insurance protection and make certain they’re fully informed and taking advantage of what Medicare Part D has to offer.
Do You Take Prescription Meds
Over the last two years, I have enrolled many people in Medicare supplements who took no prescription drugs. These people did not want to pay $30 or more for a Part D plan they didn’t need, but they did not want to face a premium penalty in the future when they need a Part D plan. My suggestion was that they call up UnitedHealthcare and enroll in their Part D plan that cost just over $10 per month. This allowed them to be in the Part D system for a minimal cost. That United plan is being canceled for 2011 and these folks received a letter saying they will be automatically enrolled in the AARP Medicare Rx plan that costs just over $28.60 per month.
Move Out Of Medicare Advantage
A trend among people I am dealing with is to move from Medicare Advantage back to Medicare and purchase a Medicare supplement. When turning 65, many healthy people choose to enroll in a Medicare Advantage plan because of the $0 monthly premium and inclusion of Part D in the plan. But I’ve been talking to people, some who are healthy and some who are not, who have decided they want to get a Medicare supplement while they can. They have decided they would prefer to pay in advance for complete (or nearly complete coverage) they get with a Medicare supplement rather than the pay-as-you-go system of Medicare Advantage.
Related posts:
- Medicare Part C: Is It The Right Choice For You
- Medicare Part C: Are You Getting Enough Coverage For Your Money
- Medicare Part C: Make Sure You Get All The Coverage You Need
- Seniors And Veterans: Medicare And Medigap Open Enrollment Challenges
- Medicare Supplemental Plans: Open Enrollment Is Taking Place Right Now
provided by Beginning next week Medicare Part D beneficiaries will have the opportunity to switch to a new prescription plan. Current beneficiaries can choose a new Medicare Part D plan between November 15 and December 31.